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Summary of Significant Accounting Policies | 6 Months Ended
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Jun. 30, 2025
Accounting Policies [Abstract] |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Accounting and Consolidation The accompanyin g unaudited condensed consolidated financial statements have been prepared by the Company and reflect all adjustments, consisting only of normal recurring adjustments, that are, in the opinion of management, necessary for the fair presentation of its financial position, results of operations, cash flows and stockholders' equity for the interim periods presented. The statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and the applicable rules and regulations of the Securities and Exchange Commission (SEC) for interim financial information and include the accounts of the Company and its wholly owned subsidiaries. Accordingly, these statements do not include all information and footnotes required by U.S. GAAP for annual consolidated financial statements, and should be read in conjunction with the Company's audited consolidated financial statements as of and for the fiscal year ended December 31, 2024 included in the Company's final prospectus, dated July 29, 2025, filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, as amended (Securities Act), on July 31, 2025 (the Prospectus) in connection with the Company's initial public offering (IPO). The results of operations for the three and six months ended June 30, 2025 are not necessarily indicative of the operating results expected for the full fiscal year or future operating periods. The condensed consolidated balance sheet as of December 31, 2024 has been derived from the Company’s audited consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation. There have been no material changes to the Company’s significant accounting policies described in Note 2 - Summary of Significant Accounting Policies, of the notes to the Company’s audited consolidated financial statements. Deferred Offering Costs Deferred offering costs consist primarily of accounting, legal and other fees related to the IPO. As of June 30, 2025, $1.1 million of deferred offering costs were included within prepaid and other current assets in the condensed consolidated balance sheets. Concentration of Risks Financial Instruments Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and trade accounts receivable. The Company maintains its cash and cash equivalent balances in highly rated financial institutions, which at times may exceed federally insured limits or be held in foreign jurisdictions. The Company has not experienced any loss relating to cash and cash equivalents in these accounts and believes no significant concentration risk exists with respect to cash. The Company performs periodic credit evaluations of its customers’ financial conditions and generally does not require collateral. Demand The Company had three customers representing 41%, 40% and 15%, respectively, of total accounts receivable as of June 30, 2025. The Company had three customers representing 30%, 29% and 19%, respectively, of total accounts receivable as of June 30, 2024, one of which was the same customer as of June 30, 2025. There were three end customers representing 38%, 33% and 12%, respectively, of total net sales for the three months ended June 30, 2025. These same three end customers represented 38%, 29%, and 17%, respectively, of total net sales for the six months ended June 30, 2025. There were three end customers representing 36%, 33%, and 18%, respectively, of total net sales for the three months ended June 30, 2024. These same three end customers represented 31%, 27%, and 22%, respectively, of total net sales for the six months ended June 30, 2024, two of which were the same customers as of the three and six months ended June 30, 2025. The loss of one or more of these customers could have a material adverse impact on the Company’s results of operations and financial position. Supply The Company's products depend on a sole supplier of wafers and a limited number of third-party manufacturers. The continued and timely supply of input materials and the availability of manufacturing capacity and packaging and testing services impact the Company's ability to meet customer demand. Supply chain disruptions, shortages of raw materials, and manufacturing limitations could limit the Company's ability to meet customer demand and result in delayed, reduced, or canceled orders. The Company has established relationships with leading suppliers and partners, and believe these relationships increase the resiliency of the Company's supply chain for its customers. From time to time, subject to inventory disruptions, the Company's customers may buy and hold excess inventories. Consequently, the Company may be subject to resulting fluctuations in the demand for its products. End Customer Concentration Although the Company recognizes revenue and directly invoices distributors for sales of its products, the timing and uncertainty of its revenue and cash flows are most impacted by the ultimate end customer. The following is a summary of net sales for the three and six months ended June 30, 2025 and 2024, based on the country of the corporate headquarters of the ultimate end customer (in thousands):
|  | Three months ended June 30, |  |  | Six months ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
United States |  | $ | 14,893 |  |  | $ | 11,408 |  |  | $ | 28,645 |  |  | $ | 18,622 |
China |  |  | 2,048 |  |  |  | 8,496 |  |  |  | 3,016 |  |  |  | 16,132 |
Rest of the World* |  |  | 932 |  |  |  | 348 |  |  |  | 1,944 |  |  |  | 708 |
Total |  | $ | 17,873 |  |  | $ | 20,252 |  |  | $ | 33,605 |  |  | $ | 35,462 |
*Other countries individually less than 10% |  |  |  |  |  |  |  |  |  |  |  |
Recently Issued Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, which requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The new guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The requirements will be applied prospectively with the option for retrospective application. The Company is currently evaluating the potential impact of adopting this guidance on its consolidated financial statements and disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which will require the Company to disclose specified additional information in its income tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. The update will also require the Company to disaggregate its income taxes paid disclosure by federal, state and foreign taxes, with further disaggregation required for significant individual jurisdictions. The Company will adopt this amendment effective with its annual financial statements for the year ending December 31, 2025. The Company is currently evaluating the potential impact of adopting this guidance on the notes to the consolidated financial statements.

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